Page 16 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/26/24, 11:05 AM DUBAL Holding posts strong financial results for 2023; Aluminium Extrusion, Profiles, Price, Scrap, Recycling, Section
DUBAL Holding posts strong financial results for 2023

23-Feb-2024 AL Circle
In 2023, DUBAL Holding LLC (DH), the investment wing of the Dubai Government operating across commodities,
mining, power and energy, and industrial sectors, achieved a net profit of AED 1.79 billion, showcasing a strong
performance for the group yet again. The announcement came during DH's annual general meeting (AGM), presided
over by its Chairman, His Excellency Saeed Mohammed Al Tayer.

The board, management team, auditors, and shareholder representative from the Investment Corporation of Dubai
(ICD) convened for the meeting. Dubal Holding experienced a noteworthy year, propelled by its international
acquisition, expansions, and strong operational performance.

HE Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, said, “We are working diligently in line with the
directives of our wise leadership. With its vision shaping the future, we invested early in the aluminium industry. This
strategic direction contributed to enhancing the competitiveness of the UAE and Dubai in the global aluminium
markets. When reflecting on the successes of 2023, we are on track to make global investments in a range of
industries to provide growth and long-term financial returns for our shareholders."

"Our investments are also driven by a commitment to building a greener future and have supported ambitious and
sustainable initiatives, including the Dubai Industrial Strategy 2030 that aims to make Dubai a preferred
manufacturing platform for global businesses, Dubai Economic Agenda (D33), Dubai Clean Energy Strategy 2050,
and Dubai Net-Zero Carbon Emissions Strategy 2050.”

HE Al Tayer and the board members received an update on the progress of several ongoing projects at DH,
emphasising the advancement of aluminium downstream extrusion endeavours. Alongside the acquisition of
Thermalex in Alabama, USA, DH is actively investigating additional prospects, such as ventures into large profiles
and machined components for sectors like Automotive, Industrial, and New Energy, particularly focusing on
Hydrogen.

Furthermore, there's an exploration into establishing a recycled aluminium/cast house facility geared towards
extrusions/profiles aimed at utilising scrap generated from within the group companies. The objective is to
manufacture billets that align with specific customer requirements, especially in support of low-carbon initiatives.

HE Al Tayer was briefed on the wide range of strategic investments made during the period, significantly contributing
to the company's favourable results. Dubal Holding's investment portfolio comprises a 50 per cent stake in Emirates
Global Aluminium (EGA) based in the UAE, a minority interest in Sinoway Carbon, a Calcined Petroleum Coke facility
situated in Shandong Province, China, as well as complete ownership of OSE Industries LLC (OSE), an aluminium
extrusion firm in Dubai, and Thermalex, a plant specialising in aluminium extrusion tubes located in Alabama, USA.

HE Al Tayer was informed about the significant advancements Dubal Holding and its consortium partners achieved in
developing the world's largest waste-to-energy facility in Warsan, Dubai. Notable milestones included:

The commencement of 'First Fire.'

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